President Cyril Ramaphosa on Friday, 20 September 2018, announced the details of an economic stimulus and recovery plan, adopted by Cabinet, which is set to among others, ignite growth in the South African economy, boost much-needed job creation and restore investor confidence.

The stimulus and recovery plan we are outlining consists of a range of measures, both financial and non-financial, that will be implemented immediately to firstly, ignite economic activity; secondly, restore investor confidence; thirdly, prevent further job losses and create new jobs; and fourthly to address some urgent challenges that affect the conditions faced by vulnerable groups among our people, an upbeat President Ramaphosa told journalists at the Union Buildings in Tshwane.

The stimulus and recovery plan has the following elements:

P        implementation of growth enhancing economic reforms

P        reprioritisation of public spending to support job creation

P        the establishment of an Infrastructure Fund

P        addressing urgent and pressing matters in education and health

P        investing in municipal social infrastructure improvement.

Cabinet deliberated on and approved the proposed far-reaching measures, which encompass a number of related portfolios.

V Source: SAnews.gov.za